Billionaire Paul Singer’s 5 Dividend Stock Picks

1. AT&T Inc. (NYSE:T)

Number of Hedge Fund Holders: 66
Dividend Yield as of February 15: 8.65%
Elliott Management’s Stake Value: $135,050,000

AT&T Inc. (NYSE:T) is one of the world’s largest telecommunications companies based in Texas, U.S. Though the company has been increasing its dividends for the past 36 years, it has recently announced to cut its annual dividend of $2.08 per share to nearly in half at $1.11 per share. The step was taken as the company announced to spinoff WarnerMedia in a $43 billion deal to merge its media properties with Discovery.

As per Insider Monkey’s Q3 data, 66 hedge funds held stakes worth over $3.2 billion in AT&T Inc. (NYSE:T) in Q3. In the previous quarter, 68 hedge funds held positions in the company, with stakes valued at roughly $2.9 billion.

This January, Tigress Financial raised its price target on AT&T Inc. (NYSE:T) to $41, with a Buy rating on the shares, appreciating the company’s ongoing subscriber growth. By the end of Q3 2021, Elliott Management held 5 million shares in AT&T Inc. (NYSE:T), valued at over $135 million. The company represented 0.96% of Paul Singer’s portfolio.

Nelson Capital Management mentioned AT&T Inc. (NYSE:T) in its Q1 2021 investor letter. Here is what the firm has to say:

“Nelson Capital stayed busy in the first quarter, making several adjustments within our core portfolio. In the communication services sector, we sold AT&T (tkr: T). Over the years, AT&T has made several poor acquisitions, especially in the content realm, leaving the company saddled with debt and unable to change directions.”

You can also take a look at 15 Best Dividend Stocks Right Now and 10 Best Dividend Stocks to Buy According to Billionaire Andreas Halvorsen

Follow Insider Monkey on Twitter